Currency woes drag Delfi Limited’s PATMI down 22.3%

PATMI for the period was US$19.6m.

Mainboard-listed Delfi Limited saw its profit after tax and minority interests (PATMI) decline 22.3% YoY to US$19.6m in H1 2024.

In a bourse filing, the company linked its weak H1 performance to the decline in regional currencies against the US Dollar, particularly the Indonesian Rupiah, and a strategic reduction in trade promotion expenses.

These factors led to an 11.8% YoY decline in Own Brands net sales to US$148.0m. 

Agency Brands also saw a 2.1% decrease to US$112.8m, following the termination of an agency brand in Indonesia.  

On a constant currency basis, Own Brands fell 7.8%, while Agency Brands rose 3.2%.

In addition to lower PATMI, the chocolate confectionery company also saw its EBITDA decline by 17.8% YoY to US$32.8m.